Petroleo Brasileiro SA (Petrobras) has discovered an oil accumulation in the ultra-deep waters of the Potiguar Basin on the Brazilian Equatorial Margin.
The Anhangá exploratory well, 1-BRSA-1390-RNS, of the POT-M-762_R15 Concession is located near the border between the states of Ceará and Rio Grande do Norte, about 118 miles (190 kilometers) from Fortaleza and 155 miles (250 kilometers) from Natal, at a water depth of 7,205 feet (2,196 meters).
Petrobras said in a news release Thursday that this is the second discovery in the Potiguar Basin in 2024, preceded by proof of the presence of hydrocarbons in the Pitu Oeste Well, located in the BM-POT-17 Concession, around 15 miles (24 kilometers) from Anhangá.
The discoveries still require further assessment, Petrobras noted. The company operates and holds a 100 percent stake in both concessions.
The exploratory activities in the Equatorial Margin represent another step in Petrobras' commitment to “replenishing reserves and developing new exploratory frontiers to ensure that global energy demand is met during the energy transition,” it said.
The discovery of Albian-age turbidite reservoirs carrying oil is “unprecedented in the Potiguar Basin,” Petrobras said, adding that it was made through electrical profiles and oil samples. The company will continue its exploratory activities in the POT-M-762_R15 concession, aiming to assess the reservoirs' quality, the oil's characteristics, and the technical-commercial viability of the accumulation.
"The company has a track record of almost 3,000 wells drilled in deep and ultra-deepwater environments, without any kind of incident or impact on the environment, which, combined with the technical capacity and experience accumulated over almost 70 years, enables the company to open up new frontiers and handle its operations in the Equatorial Margin with total safety," Petrobras CEO Jean Paul Prates said.
"With the advance of exploratory research in Brazil's Equatorial Margin, we have increased our knowledge of this region, considered to be a new and promising frontier in ultradeep waters, which will be fundamental for the company's future, guaranteeing the supply of oil needed for the country's development," Petrobras Exploration and Production Director Joelson Mendes remarked.
The company said it plans to invest $7.5 billion in exploration by 2028, of which $3.1 billion will be earmarked for the Equatorial Margin, which stretches from Amapá to Rio Grande do Norte. It plans to drill 50 new exploratory wells in the period, 16 in the Equatorial Margin region.
In addition to its activities in the Brazilian Equatorial Margin, the company last year acquired new blocks in the Pelotas Basin in southern Brazil and stakes in three exploratory blocks in São Tomé and Príncipe, a country on the west coast of Africa.
“The opening of this new frontier is also in line with the company's strategic pillar of maximizing the portfolio's value by focusing on profitable assets, replenishing oil and gas reserves, increasing the supply of natural gas, and promoting the decarbonization of operations,” according to the release.
In 2023, Petrobras recorded its second highest annual net income of $24.9 billion (BRL 124.6 billion) for 2023, as it disclosed plans to distribute 58.1 percent of the amount as dividends. The company’s earnings per share for the year was $1.91, according to its most recent earnings release.
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